Health Care REIT Appoints Thomas DeRosa As CEO; Backs FY14 Normalized FFO View

(RTTNews) - Health Care REIT Inc. (HCN) announced that Thomas DeRosa, 56, a Director of the company and former Vice Chairman and Chief Financial Officer of The Rouse Company, has been appointed Chief Executive Officer, effective immediately.

The company noted that DeRosa will continue to serve as a Director of the company. DeRosa succeeds George Chapman, who has retired from his positions as Chairman of the Board, Chief Executive Officer and President, but will continue to serve as a Senior Advisor to the company.

Jeffrey Donahue, who was HCN's independent Lead Director, has been appointed Chairman of the Board, thereby separating the Chairman and CEO roles.

HCN said it also has created a Management Committee that will work with DeRosa to oversee the company's day-to-day operations. In addition to Mr. DeRosa, the Management Committee will include Scott Brinker, Executive Vice President — Investments; Scott Estes, Executive Vice President and Chief Financial Officer; Charles Herman, Jr., Executive Vice President and Chief Investment Officer; Jeffrey Miller, Executive Vice President — Operations and General Counsel; and Erin Ibele, Senior Vice President — Administration & Corporate Secretary.

HCN has also affirmed its previously announced full-year 2014 guidance of normalized FFO and FAD per share.

In February 19, 2014, the company said it expected net income attributable to common stockholders to be in the range of $1.09 to $1.19 per share, normalized funds from operations of $3.93 to $4.03 per share, and normalized FAD of $3.53 to $3.63 per share for fiscal year 2014.

Analysts polled by Thomson Reuters expect the company to report earnings of $4.03 per share for fiscal 2014. Analysts' estimates typically exclude special items.